Multifamily

ARA RAISES $15M IN JV EQUITY, $70M ACQUISITION FINANCING

by admin June 4, 2013

HOUSTON — In the sale of five multifamily communities in Houston, ARA's Capital Markets group in Houston raised $15 million in joint venture equity and $70 million in acquisition financing. Adam Allen of ARA led the team in the transactions. Allen raised equity from a large private equity fund in the sale of the 240-unit Hermann Park Plaza. Allen represented MM Properties in the deal. Allen also raised equity from a mid-market private equity fund in the sale of the 283-unit Palms at Walnut Creek. Allen originated a 10-year acquisition loan through Freddie Mac in conjunction with KeyBank for the 171-unit Parc Royale property in Houston's Westchase District. Allen represented Allen Harrison Co. in both the Palms at Walnut Creek and Parc Royale transactions. Allen also originated a 12-year loan through Freddie Mac in conjunction with KeyBank for the acquisition of Broadstone Uptown and Broadstone West Way in Houston's Galleria submarket. Allen represented Centennial Holdings in the deal.

June 4, 2013

OCEANSIDE APARTMENT COMPLEX SELLS FOR $4.1M

by admin June 4, 2013

OCEANSIDE, CALIF. – A 40-unit apartment complex in Oceanside has sold to DJ&E Investments, LLC for $4.1 million. The five-building community is located at 1202 Missouri Ave. DJ&E was represented by Avezta Equity. The seller, Lucy Nannizzi, was represented by Jim Neil, Eric Comer and Merrick Matricardi of CBRE San Diego.

June 4, 2013

Multifamily Western

AUSTIN COMMONS, GATEWAY APARTMENTS IN ALAMEDA COUNTY RECEIVES $40.5M

by admin June 3, 2013

HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule.It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.

June 3, 2013

Midwest Multifamily

72-UNIT APARTMENT BUILDING SELLS FOR $8.2M

by admin June 3, 2013

ST. PAUL, MINN. — Marcus & Millichap has arranged the $8.2 million sale of Highlands on Graham, a 72-unit apartment property located in St. Paul. Dan Linnell of Marcus & Millichap’s Minneapolis office represented the buyer, a partnership, in the transaction. An outside brokerage firm represented the seller. Highlands on Graham is located at 1910 and1920 Graham Ave.

June 3, 2013

Multifamily Northeast

TWO PENNSYLVANIA MULTIFAMILY PROPERTIES SELL FOR $4.9M

by admin June 3, 2013

BALA CYNWYD AND YARDLEY, PA. — Gebroe-Hammer Associates has arranged the sale of two multifamily properties in southeastern Pennsylvania for $4.9 million. The 37-unit Edge Hill Court, located at 25 Old Lancaster Road in Bala Cynwyd, traded for $4 million, or $109,400 per unit. Located in suburban Philadelphia’s historical Main Line region, the property includes three, three-story brick buildings with five studio, 27 one-bedroom and five two-bedroom apartments. The seller was Edgehill Court LP and the buyer was Edgehill 25 LP. The second transaction was the 14-unit multifamily property located at 41 N. Delaware Ave. in Yardley, which sold for $890,000. Located on the Delaware River in Lower Bucks County, the property includes two-bedroom units, on-site parking and laundry facilities. The seller was 41 N Delaware Avenue Partners LP, and Kare Properties LLC was the buyer. Joseph Brecher and Eli Rosen of Livingston, N.J.-based Gebroe-Hammer Associates represented the sellers and procured the buyers in both transactions.

June 3, 2013

Multifamily Texas

COLONIAL PROPERTIES TRUST ACQUIRES DALLAS MID-RISE FOR $36.2M

by admin June 3, 2013

DALLAS — Birmingham, Ala.-based Colonial Properties Trust has purchased the 252-unit Colonial Reserve at Frisco Bridges, a Class A mid-rise apartment community in the Frisco submarket of Dallas, for $36.2 million. The community is located within a half mile of the Dr. Pepper Ballpark, home of the Texas Rangers' AA affiliate. The community features a resort-style pool, fitness center, controlled access parking and gourmet kitchens with stainless steel appliances and granite countertops.

June 3, 2013

Multifamily Western

AUSTIN COMMONS, GATEWAY APARTMENTS IN ALAMEDA COUNTY RECEIVES $40.5M

by admin June 3, 2013

HAYWARD, SAN LEANDRO, CALIF. – The 208-unit Austin Commons in Hayward and the 236-unit Gateway Apartments in San Leandro have received a total of $40.5 million in refinancing. Austin Commons, which is located at 50 Austin Ave., received $17.7 million, while Gateway, which is located at 902 Davis Street, received $22.8 million. Financing was based on a 10-year term and a 30-year amortization schedule. It was arranged for the borrower by Ory Schwartz of NorthMarq Capital’s Los Angeles regional office through the firm’s seller-servicer relationship with Freddie Mac.

June 3, 2013

Multifamily Western

FOOTHILL PLACE APARTMENTS IN SALT LAKE CITY RECEIVES $49.6M

by admin May 31, 2013

SALT LAKE CITY – The 450-unit Foothill Place Apartments in Salt Lake City has received a $49.6-million acquisition loan. The community is located at 2260 Foothill Drive. Kennedy Wilson purchased the Class B+ community for $61.8 million. It invested $15 million of equity in the transaction. The loan features a 10-year term with two years interest-only and a 3.58 percent fixed interest rate. Financing was structured under Freddie Mac’s Capital Markets Execution program.The loan was provided by Berkeley Point Capital LLC.

May 31, 2013

Multifamily Western

PLATFORM AT UNION STATION BREAKS GROUND IN DOWNTOWN DENVER

by admin May 31, 2013

DENVER — Platform at Union Station, a 287-unit high-rise development in Downtown Denver, has broken ground. It will be located at Chestnut Place and 16th Streetin the city’s Union Station neighborhood. Platform’s developer, Holland Partner Group, is striving for LEED-Gold certification. Holland Residential, the firm’s operations division, will act as property manager once construction is complete. That date has yet to be released. The 21-story building will sit across from Union Station, which provides Amtrak, RTD FasTracks, light and commuter rail services, among other modes of transportation. The hub is currently undergoing an extensive redevelopment.

May 31, 2013

Multifamily Southeast

CRESCENT BUYS LAND FOR NEW MULTI-USE COMMUNITY

by admin May 31, 2013

CHARLOTTE, N.C. — Crescent Communities has acquired a 2.3-acre site in Charlotte’s Dilworth neighborhood for the construction of a more than $50 million multi-use community. Crescent Dilworth will contain 300 luxury apartments above street-level retail space. The apartments will comprise a mix of studio through two-bedroom units along with walk-up units and 2,600-square-foot deluxe units. The community will feature a clubhouse, pool, athletic facilities, bicycle storage and a repair center, and a rooftop terrace overlooking Sugarcreek Greenway. The seven-story building will be constructed at the corner of East Morehead Street and Harding Place, across from Carolinas Medical Center. Crescent is partnering with locally based Southern Apartment Group, which originally assembled the land parcels, for the project. BB+M Archiotecture will design Crescent Dilworth. Construction will begin this fall, and completion is expected in spring 2015.

May 31, 2013

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